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Old 08-10-2003, 12:05 PM
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I think i want to get a credit card.

I think i want to get a credit card, that way i dont have to save up cash for all the car parts. If i got one id get like a 1K limit, i could get heads and stuff for my motor and a bunch of other junk . Can anyone suggest a credit card and explain to me how they work, i need to be 100% sure. I think i just charge somethign then i make lik 20 dollar payments until its payed off, but ill prolly do 2X the normal payments. That right? Thanks

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Old 08-10-2003, 12:08 PM
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You'd be better off saving the money until you can pay cash. Unless you have a great amount of self discipline. But,yep, thats pretty much the way they work.

Kevin
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Old 08-10-2003, 12:29 PM
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I agree with Kevin. Many people get into big financial trouble with c/cards.

On the other hand, where I live you can't even rent a video without one. Or try to rent a car or reserve airline tickets.

It also helps if you have established credit when you go to buy a home.
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Old 08-10-2003, 12:36 PM
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Good points so far. Credit cards can really screw you up. On the other hand like CET mentioned you can't even rent a car or many other things without one. I have just one for that reason and try to keep it paid down. Making just monthly minimum payments it takes years to pay off and you end up paying a fortune in interest.

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Old 08-10-2003, 12:50 PM
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I would just like to get some credit. Then again it would be nice to get stuff i dont have enough to save up enough cash for, like engine parts and stuff, i would never make the minimum payments. If i got something that was like 500 dollars, i would pay it off in like 3 months or so, prolly less, maybe 2 months. Its just right now when i save up for something and buy it i dont have ANY money to do anything. And if i got something like that i wouldnt use it again till it was payed off. I just like the idea of basically lay-awaying something that i can take home that day.Whats a good interest rate?
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Old 08-10-2003, 01:15 PM
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You don't need a credit card to rent a hotel or a car....I don't have any credit cards and I can do all of that stuff with my Debit Card.
I say save the cash to pay for something...because it'll never be paid off until the Credit Card Company cuts you off.
Later,
WEIMER
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Old 08-10-2003, 07:49 PM
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Your debit cards must work different than in Canada. You need a CC here which is funny 'cause my limit used to be only 1K. That would not pay for much if I damaged the rental.
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Old 08-10-2003, 09:37 PM
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credit cards.... what a scam. if you can't afford it now what makes you think you can pay more for it later? if ya can't pay for it with cash you shouldn't be buying it. same thing with new cars; if people actually plunked down 30k for a new pickup no one would buy one. but since they make monthly payments they don't think of it as paying 30k for something that loses half it's value the moment it drives off the lot. houses are different though; you're building equity in something that generally goes up in value and you are applying what you would be losing in rent into something you will eventually own. just my two cents.....
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Old 08-10-2003, 10:30 PM
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credit cards are the devil.
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Old 08-11-2003, 10:23 AM
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Quote:
Originally posted by crazy larry
credit cards are the devil.
Awe shucks. All this time I thought my ex wife was Satan.

Quote:
Originally posted by bigwildgrin
credit cards.... what a scam. if you can't afford it now what makes you think you can pay more for it later? if ya can't pay for it with cash you shouldn't be buying it. same thing with new cars; if people actually plunked down 30k for a new pickup no one would buy one. but since they make monthly payments they don't think of it as paying 30k for something that loses half it's value the moment it drives off the lot. houses are different though; you're building equity in something that generally goes up in value and you are applying what you would be losing in rent into something you will eventually own. just my two cents.....
What is funny, is that in the town where I live you can buy a small house for 70K. Or you can buy a Caddy Escalade for 65K. Care to guess how many Caddies/H2's are parked in front of an apartment building?
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Old 08-11-2003, 11:14 AM
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I have to agree with the guys, credit cards are trouble. Once your balance is up there near the 1k mark, it'll take you forever to pay it off. If you can't buy it outright, then you need to save up longer or work an extra PT job to get what you want.

However, if you have no credit rating, this is an easy way to get one. But IMO you would be better off going to the bank and taking out a small personal loan if you want to establish a credit rating. I did this when I was ready to buy my first car and paid it off in 6 months. I got a much better interest rate and a credit rating that means much more because it came from a bank, not some credit card company that's charging you 18% and making a small fortune off of you. Credit card companies will give almost anyone a credit card, and if you are a bad risk/first time customer they will charge you the highest rate possible because they can and because you have bad credit/no credit.
If you go to the bank and explain that you want to take out a loan to establish a credit rating they will not have a problem with that as long as you are asking for a reasonable amount of money and have a reliable source of income. You may need someone to co-sign for you, but in most cases that's just a formality because you have no collateral/credit rating.

While your intentions are good if you get a credit card those intentions WILL fall by the wayside as soon as you charge that first set of plug wires. I've seen it happen many times (I worked in a Canadian bank for several years) and once you're in that hole it's VERY difficult to crawl out of it.

That's my experience. Hope it helps you make the decision that's right for you.

Chickie.
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Old 08-11-2003, 01:31 PM
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How much would a small personal loan be considered? What could i use it for?
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Old 08-11-2003, 01:32 PM
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Don't
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Old 08-11-2003, 05:57 PM
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I started very small and bought my first hot rod with it for $1200.00. It all depends on your bank and your situation. You have to use your head (and common sense) and always remember that your credit rating will follow you for the rest of your life, so if you start off on the wrong foot, well....you get the picture.

No one can tell you what to do, you have to make that decision for yourself, all we can do is give you the benefit of our experience. Talk to your parent(s), see what they think, then make up your own mind.

Don't know what your rates are but in Canada a good loan rate right now is anywhere from 6% - 8%. Most credit cards are 18% unless you want to pay an annual fee for one of the "low rate" ones, then you might get one for 13%. Either way, loans are cheaper and it's not revolving credit, meaning that your payments are applied to what you owe, but you don't have access to more funds just because you made a payment. Can't get into too much trouble that way.
And ALWAYS READ THE FINE PRINT.

Chickie.
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Old 08-11-2003, 07:22 PM
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You don't have to get a credit card. You can have mine. I've been paying on it foever and I'm tired paying on it.
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